The shareholders' meeting of Intesa Sanpaolo It took place in the spirit of continuity, with the confirmation of the tandem Charles Messina Gian Maria Gros-Pietror to lead the bank for the next three years. The budget 2024, which closed with record profits of 8,7 billion euros. Shareholders will also benefit, thanks to a dividend total of 6,07 billion euros, equal to 34,1 cents per share, for a yield close to 10%.
Today's appointment comes in a heated context Italian banking risk, with Intesa Sanpaolo continuing to maintain its dominant position in the national banking landscape. But one question continues to buzz among industry insiders: after being confirmed at the top for another three years, will Messina decide to enter the field of M&A dynamics? To find out more, we will have to wait for 6st May, when the bank will present the results for the first quarter of 2025.
2024 Budget: Record Profits and Generous Dividend to Shareholders
Il 2024 financial statement of the parent company obtained the almost unanimous consent of the shareholders, with 99,33% of the votes in favour. The consolidated net profit reached 8,7 billion euros. At the same time, the dividend for the 2024 financial year. The total distributed to shareholders amounts to approximately 6,07 billion euros, including an interim dividend already distributed in November and a balance expected in May. The total amount of the dividend is 34,1 cents per share, corresponding to a yield of 9,80%. The distribution will take place on May 21, 2025, with coupon detachment on May 19 and record date on May 20.
Board of Directors Confirms: Messina and Gros-Pietro at the Helm for Another Three Years
Charles Messina get the fifth term consecutive as CEO, while Gian Maria Gros-Pietro was confirmed as president. The banking foundations – which together hold approximately 18% of the capital – have firmly supported continuity, praising the effectiveness of management and the ability to guarantee stability and results over time. Alongside them, Paola Cutwine, professor at Bocconi University, was elected as first female vice president in the history of the bank.
The assembly confirmed the number of components of the Board of Directors in 19. The majority list - presented by the main banking foundations (Compagnia di San Paolo, Cariplo, Cassa di Risparmio di Firenze, Padova e Rovigo, Bologna and Cuneo) - obtained the election of 14 directors, including Mariangela Zappia, Franco Ceruti, Paolo Maria Grandi, Luciano Nebbia, Liana Logiurato, Pietro Previtali, Maria Alessandra Stefanelli and Bruno Maria Parigi. Furthermore, from the minority list presented by Assogestioni, 5 Directors were elected: Anna Gatti, Guido Celona, Mariarosaria Taddeo, Roberto Franchini, Riccardo Secondo Carlo Motta.
Remuneration and incentives for top management
Also approved are the remuneration policies for the next three years. The annual compensation for ordinary councilors is set at 120.000 euros. Additional emoluments are foreseen for the positions of president (800 thousand euros), vice president (150 thousand euros), and for the members of the control committee (290 thousand euros, plus 80 thousand euros for the committee president). The assembly also approved the incentive system for key profiles of the group, with bonuses linked to performance and materiality thresholds, to be paid in Intesa Sanpaolo shares.
